Subtract one more bidder from the list of potential suitors to buy Newsweek from the Washington Post Co.

Newsmax Media, the right leaning Web site headed by Christopher Ruddy, said it is bowing out and will not submit a final bid by today’s deadline.

“Newsmax Media made a serious bid to acquire Newsweek, which we believe is an extraordinary publishing property with great potential as both a print and online product,” the company said in a statement.

“We will not be participating in the final bid process, but the company remains committed to its long term objective to diversify and expand into numerous distinct media brand offerings,” according to the statement.

The list of known suitors racing toward the 5 p.m. deadline to submit offers to investment bank Allen & Co. includes: former Daily News co-owner Fred Drasner; OpenGate Capital, the Beverly Hills-based venture capital firm that owns TV Guide; and Sidney Harman, the 91-year-old former head of Harman International Industries and a noted philanthropist.

Drasner was a one-time minority owner of the Washington Redskins, where he got to know Washington Post Co. CEO Donald Graham.

Drasner, who also was a co-owner of US News & World Report, is seen as the favorite to acquire Newsweek, unless a surpise bidder surfaces at the 11th-or 12th–hour.